Cryptocurrency

To trade on the Unocoin platform, a minimum top-up of Rs 1,000 is required. The maximum that the user can deposit can range up to Rs 2 Lakh via UPI mode and Rs 1.5 crore via bank IMPS/UPI/NEFT/RTGS mode, the startup said in a statement.

Up to three-quarters of the world's supply of bitcoin has reportedly been produced in China, but the process consumes vast amounts of electricity, and energy produced by coal-burning plants is a massive contributor to air pollution, Global Times reported. Over the past several months, several large virtual currency mining centres in China.

Sources said Hyper Fund, a DEFI by Hyper Tech Group has come under the radar recently. The Group claims to have launched the Hyper Fund to provide a decentralized financial infrastructure. Hyper Fund was announced in mid-2020.

Touted as the most important asset class of the 21st century, more than 1.5 crore Indians are currently holding over Rs 1,500 crore worth crypto assets. Bitcoin has crossed the $50,000 mark (more than Rs 37 lakh for a single coin) once again. The most popular cryptocurrency has been trading in the green with a market cap of more than $921 billion. With 76 lakh users, WazirX has witnessed a massive 2,648 per cent growth in user signups from tier 2 and 3 cities in the country, observing higher participation from women from smaller towns compared to their urban counterparts.

Bitcoin has crossed the $46,000 mark (more than Rs 34 lakh for single coin) once again. The most popular cryptocurrency has been trading in the green with a market cap of more than $848 billion, according to CoinMarketCap. "The world's oldest cryptocurrency, Bitcoin has witnessed a fantastic rally recently and the latest Ethereum upgrade, also known as London Hard Fork, has boosted the Ether price," said Shivam Thakral, CEO, BuyUcoin.

Tier 2 and 3 cities have driven almost 55 per cent of total user signups on WazirX in 2021, overtaking tier 1 cities which demonstrated a signup growth of 2,375 per cent. The cryptocurrency exchange currently has more than 7.3 million users and has clocked over $21.8 billion in trading volume in 2021 till date.

The clarification comes as media reports suggested that certain banks and regulated entities have cautioned their customers against dealing in virtual currencies (VCs) by making a reference to the RBI circular DBR No.BP.BC.104/08.13.102/2017-18 dated April 6, 2018.

While the short volatile period has widely been touted as a course correction (one Bitcoin is currently hovering around $37,000 after touching a record high of nearly $60,000 just a couple of weeks ago), industry experts are of the view that staying invested and thinking long-term is the thumb rule to follow for crypto investors in the country.

"Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion. This is why the President's (Joe Biden) proposal includes additional resources for the IRS to address the growth of cryptoassets," the department said in a statement on Thursday.

A Twitter user asked the Tesla head why is he not creating his own cryptocurrency. "Why not just make a crypto from scratch that does everything you want technically and has a lot of dev support and doesn't have high concentration of ownership at least initially?" a user asked Musk on Saturday.